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How would they get data on private loans? They only have access to so much information. Do you really want your bank to give out all of your lending history?
The point being, the media makes it sound like every college student is borrowing $200,000 to major in art history so they can work at Starbucks. That just isn't the case.
I agree, if you have to borrow $50,000 for UG with no hopes of getting a good job to pay it off, you should have gone to an affordable college. Now, if you are going to be making $70K out of undergrad and borrow 50K and are reasonably frugal, you can have that paid off in 5 years or less, not an issue really--not ideal, but still manageable.
... Wouldn't be much to read.... No I don't, but you miss the point.
What's the point of making statements with incomplete data?
If you borrow more than 50k for undergrad in most cases you are not very bright.
Or not very rich...My tuition/living expenses over two years was about $40k alone ($20k/year), at a public university. With as little financial aid that I received, I had to cover most of this through loans (federal and private). Fortunately, my first two years of school were paid for by grants, scholarships, tuition reimbursement and out of pocket. Could I have been more frugal or wiser with my spending? Sure, but at most, I figure that would have saved me about $5k/year.
Or not very rich...My tuition/living expenses over two years was about $40k alone ($20k/year), at a public university. With as little financial aid that I received, I had to cover most of this through loans (federal and private). Fortunately, my first two years of school were paid for by grants, scholarships, tuition reimbursement and out of pocket. Could I have been more frugal or wiser with my spending? Sure, but at most, I figure that would have saved me about $5k/year.
Yup that's true, a lot of undergrads don't qualify for a lot, or any, financial aid because of their parents income. I think that goes until they reach 24, then they consider you independent. Also keep in mind a undergrad maybe in the six figures and half that can just be interest built up from deferments and what not.
Or not very rich...My tuition/living expenses over two years was about $40k alone ($20k/year), at a public university. With as little financial aid that I received, I had to cover most of this through loans (federal and private). Fortunately, my first two years of school were paid for by grants, scholarships, tuition reimbursement and out of pocket. Could I have been more frugal or wiser with my spending? Sure, but at most, I figure that would have saved me about $5k/year.
At some point as the quality of school and student drops off it is not a smart decision to go.
Yup that's true, a lot of undergrads don't qualify for a lot, or any, financial aid because of their parents income. I think that goes until they reach 24, then they consider you independent. Also keep in mind a undergrad maybe in the six figures and half that can just be interest built up from deferments and what not.
No one with a brain has six figures from undergrad. If one does they have made a horrible school choice or are not a good student.
Like I said if they defer that while in school, can't find a job after school, etc then a lot of that becomes interest.
How long would a person be unemployed for that 6.8% is going to have a life-long impact? 6 months to a year is not going to make a difference in the long run.
You are against sensationalism but you are talking about 200k in loans? Ok...
And $0... don't forget the $0.
You also missed the part about the news media by the way!
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